Blog Buzz, On The Web, Technology | 2 Comments »

With a decent credit score - $30K will get you $1MM

There are some loan products out right now for Owner-Occupied commercial properties that I find rather interesting. These products allow the small business owner to OWN a property they might otherwise be leasing… or to start or acquire a business… with a very low down payment.

Here is some of the criteria as provided by the lender:

Tier 1 Properties

Multifamily - Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence. Properties that offer weekly or monthly housing would not be considered multifamily properties.

Mixed-Use - Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered Tier 1 mixed-use. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Tier 2 Properties

Bed & Breakfast - Bed and Breakfast inns are residential-type buildings designed for transient boarding and are family style in character. B&B inns are usually one structure but some may include an adjacent guest cottage with similar quality amenities as the main unit. Owner operators live on-site, usually within the main building.

Light Industrial - Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.

Mixed-Use - Mixed-Use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. If the primary use at the property is for commercial purposes, the property will fall under our mixed-use Tier 2 guidelines. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Automotive - Automotive is a somewhat broad category and encompasses a variety of uses that support the automotive segment. Included within this category are auto repair shops, used car lots, quick-lube facilities, tire repair shops, etc. The type and size of building will vary with the use. Many buildings are designed specifically for the auto trade characterized by overhead doors, car lifts and usually a small office area.

Mobile Home Park - Mobile home parks are considered as long as not more than 25% of the total spaces are used for RV. Mobile home parks vary in quality and amenities and all will be considered unless the RV component is too high.

Office - Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations.

Retail - Retail buildings are designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundromats, etc.

Self Storage - Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self- storage or noncommercial storage and may include some office-living space.

Warehouse - Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically rages from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category.

This could be just what the small business owner needs

Granted, these 97% programs are limited in size to a million dollars, but for many small businesses - this is all they need.

The loan types include both ARM and fixed, and the term can be 15 years; 20 years; or as long as 30 years.

As with all new loan products - you should act quickly

We simply don’t know how long these products will be available, so if you’re in need of a loan using little money of your own - time is of the essence.

Call me at 770-935-4045 and we’ll talk

Investment Properties, Mortgages | No Comments »

There are many things that your Realtor can’t tell you

I read an article this morning that reminded me of how restricted real estate agents are regarding providing certain information to inquiring buyers.

The Fair Housing Laws prevent agents from “steering” their clients and customers toward or away from neighborhoods for a variety of reasons - particularly demographics.

In years gone by, cautious agents (including yours truly) would tell their clients to check with the local police department for crime info, or with the local schools for demographics - but with the advent of the Internet, this is no longer necessary. A simple click of the mouse can put this data at the buyer’s fingertips.

Since this data spread throughout several websites, we make this data easy to find using our MLS search engine. When you pull up any listing, there are two selections that provide this data: School Info and Area Info.

While most agents are eager to provide you with all the information you request, please understand that in many cases it would be against the law to do so.

Real Estate Law, Tips For Buyers | 1 Comment »

With all that’s going on in the mortgage industry, I am working hard to ensure my clients who are in need of 100% loans get into their homes before these loans are no longer available.

Sources of these lending products are drying up fast, so I’ve been working day and night to help those clients.

As a result, I have not had the time to blog.

I did put up a rant over at the Bloodhound Blog, which will explain the rest of my recent absence from my blogging duties.

I have plenty to write about - but no time to do it.

I promise I will try to find the time to blog very soon.

Mortgages, Mythbusters, Rants | No Comments »

Our friends at Realist have tabulated the sales activity of ALL local real estate transactions in Hall County Georgia, and these results are shown in the table below:

The sales of single family homes in Hall County was a little slower in January versus a year ago, but the median sales price jumped considerably.

Like some of the other counties in the greater Atlanta area, Hall County has been experiencing great increases in the median price of condos.

In 2005, the median price was $139,500 on 482 sales. As you can see, the pace appears to be picking up and the median price has been skyrocketing.

Communities in Focus, Trends | No Comments »

Our friends at Realist have tabulated the sales activity of ALL local real estate transactions in Gwinnett County Georgia, and these results are shown in the table below:

Sales of single family homes in Gwinnett County slipped slightly in December versus November - but fell substantially when compared to December 2005.

As expected, there was a slight increase in the number of units sold in 2006 versus 2005, with an increase in the median price of nearly 7%.

Unlike some other counties in the greater Atlanta area, Gwinnett County did not experience an increase in the number of condo units sold in 2006, but the median price of condos did rise slightly to $218,500.

Keep on eye on Gwinnett County for future condo growth, as there are big plans in the works for several live-work-play condo communities, as well as a new high-rise condo building.

Communities in Focus, Trends | No Comments »

Our friends at Realist have tabulated the sales activity of ALL local real estate transactions in Fulton County Georgia, and these results are shown in the table below:

Although single family home sales in Fulton County were a little stronger in December versus November, this couldn’t overcome the slowdown for the year in summary.

Median prices for single family homes did increase in 2006 over 2005, albeit slightly.

Median condo prices in Fulton County increased to $205,000 in December, helping to finish the year at $202,000 - a virtual tie with 2005.

The big surprise is the increase in the number of units sold. A lot of new condo product has come on the market in the last few years, much to the chagrin of resale condo owners.

We’ll see if 2007 continues this interesting trend.

Communities in Focus, Trends | No Comments »

Our friends at Realist have tabulated the sales activity of ALL local real estate transactions in Forsyth County Georgia, and these results are shown in the table below:

Single family home sales in Forsyth County slipped a little in December versus the previous year - but the year end figures show a marked increase in the number of units sold in 2006 over 2005.

We can also see strength in the upper price range homes with a strong showing at the end of the year, thus pushing median prices upward.

The Forsyth County condo market continues to amaze us. Not only has the median price risen 10%, but the volume of units sold skyrocketed from 489 to 1166.

Much of this increase is due to the recent availability of additional sewer capacity in South Forsyth, thus permitting the construction of many new condo communities.

We will continue to watch this interesting trend.

Communities in Focus, Trends | No Comments »

Our friends at Realist have tabulated the sales activity of ALL local real estate transactions in Douglas County Georgia, and these results are shown in the table below:

Douglas County continues to grow with a great deal of new construction - but the market time for these properties has increased, and the builders have been cutting prices to move standing inventory.

Unfortunately, the quantifying data that we have for Douglas County is relatively old as this is March, yet the data is only compiled up through November.

With the data that we do have, we can see the normal seasonal slowing of single family home sales - with a surprising increase in median price. Our research supports the theory that this is a result of new construction in the higher price ranges.

The condo market in Douglas County continues to improve, with increases in both year-over-year volume and median price.

It will be interesting to see the final tabulations for 2006.

Communities in Focus, Trends | No Comments »

Our friends at Realist have tabulated the sales activity of ALL local real estate transactions in Dekalb County Georgia, and these results are shown in the table below:

Dekalb County experienced a significant drop in single family home sales in December over the previous year, while the median price rose slightly.

Like Cobb County, the median price of condos continues to surprise us. While the median price was a little lower in December over November - the year-over-year median price is substantially higher.

The volume of condos sold is also interesting, as the increase is more than a blip on our radar.

This is the kind of trend that investors look for - especially in today’s market. I know we’ll be paying close attention to this trend.

Communities in Focus, Trends | No Comments »